First Community Bancorp (FCBP) Declares $0.20 Quarterly Dividend; 2.8% Yield

First Community Bancorp (NASDAQ: FCBP) declared a quarterly dividend of $0.20 per share, or $0.8 annualized.

The dividend will be payable on September 10, 2018, to stockholders of record on August 27, 2018, with an ex-dividend date of August 24, 2018.

The annual yield on the dividend is 2.8 percent.

“We delivered strong year-over-year growth in earnings, driven by higher net interest income, improved efficiencies and stable asset quality,” said Robert M. Franko, President and CEO of First Choice Bancorp. “Our end-of-period loan growth in the second quarter was impacted by fluctuations in commercial line utilization from one large commercial customer. Our average net loans increased 3.49% compared to the first quarter of 2018, which is more reflective of the growth trends we are experiencing. Our loan pipeline remains healthy and we expect to see a consistent level of organic loan growth over the second half of the year."

“As announced today, we completed our acquisition of Pacific Commerce Bancorp and we are very excited to welcome our new customers and colleagues to the First Choice family. The combination of our two banks creates the 16th largest publicly traded bank in Southern California and significantly improves our competitive positioning. Our top priority for the remainder of 2018 is managing the integration of Pacific Commerce and realizing all of the synergies we project for this transaction. We continue to expect the acquisition to be approximately 15% accretive to earnings per share in 2019, significantly improving our earnings power and the level of returns that we generate for our shareholders,” said Mr. Franko.

For a dividend history and other dividend-related data on First Community Bancorp/ca (FCBP) click here.

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